Thank you very much. Good morning. Thanks to all of you for joining us and to all our colleagues for participating this morning. As you are well aware that every part we are in the midst of a Public Health and economic catastrophe. The coronavirus pandemic has resulted in the loss of more than 150,000 american lives, more than 4. 8 million infections in the sharpest economic downturn since the great depression. The latest projection from the cdc anticipates an average of nearly 1000 deaths per day through august 22. That is 18000 americans who will die over just two and half weeks. Since march my colleagues and i have conducted oversight over the Trump Administrations response to this crisis to ensure it is efficient, effective and equitable. Our goal is clear, to save americans lives and livelihoods. Our message to the administration is simple, it is urgent that we put policies and politics aside and Work Together on behalf of the American People. At this time of National Crisis i sin
Ideas and generating policies like hogan has been so effective at doing in maryland. Today we will be talking about federalism, covid19 but also importantly about Governor Hogans book which is a terrific read. If you have not gotten a copy yet i encourage you to do so. Well talk about the book and whats in it today. As part of the discussion we have we welcome your questions and answers. Submit those in the q and a button at the bottom of your screen and we will do our best to get those questions worked in today so without further a new Governor Hogan is the 62nd governor of the state of maryland. The second republican to be reelected in the 242 here history of the state. He had a number of policy priorities we will talk about especially during the covid19 pandemic hes been a leader in ensuring that marylanders have access to proper testing and that theyve got a set of policies that are thought through and rigorous and scientific but also recognized the need to balance all these import
He talked about how state governments were balancing Public Health and Economic Needs and responding to the pandemic. He also discussed efforts to reopen schools and more businesses while continuing to monitor his states infection and hospitalization rates. Is the 62ndhogan governor of the state of maryland. The second republican to be reelected in the 242 year history of the state. He has had a number of policy priorities that we will talk about recently during the pandemic, he has been a leader in ensuring that those in maryland have access to testing and they have a set of policies that are thought through and rigorous but also recognized the need to balance these important considerations that we have to go through as we try to deal with this pandemic. He is the author of a book called still standing. Welcome. Thank you, it is wonderful to be with you. Great to be with you. I want to start with your book. One of the things that struck me early on, you talk about your dads influence
The dow is down nearly 1 . The nasdaq is back in positive territory. Apple is boosting the dow adding 150 points to a decline we would be seeing. Amazon and facebook arent in that index caterpillar, chevron, exxon mobile are driving the blue chips lower. Lets start with bob who will tell us what were seeing from earning season as a whole now that were a little more than halfway through. Bob. We have a little bit of a problem. Its great may have tech earnings are fantastic but theyre not enough to move the market really forward. You can see this today just look at the sectors of whats going on. You have technology up because apple is up. You have Consumer Discretionary up because amazon is up. Everything else, the other economy is having hard time. Tech earnings are even fantastic. We have this two tier economy thats going on. Its not a split between wall street and main street its just theres a two tier economy. One part is digital and thats the megacap tech and software and the Techno
Continues to rise significantly in terms of the virus and we talked a lot and well hear from meg again and meg has been following it so closely for us and the market only seems to go up as the cases go up. That is leaving some people scratching their heads and others view it as were going to get to the other side and a view of what the economy will look like and then you come back to the fed, carl, which seems to be the fuel that everybody sort of points to as the key fuel, i should say, for this market. Yeah. Morgan, lots of notes over the long weekend and we hope everybody did have a great, long weekend. More debt and liquidity and asset reflation. That was literally the title of the jpmorgan note on friday. Yeah, for all those folks that were basically still stuck at home or not traveling and getting on airplanes, lots to digest in terms of market commentary over the weekend. I would add to the fed, i would add the expectations that do seem to be baked in around what phase four fisc